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India: The Emerging Giant
India is not only the world's largest and fiercely independent democracy, but also an emerging economic giant. But to date there has been no comprehensive account of India's remarkable growth or the role policy has played in fueling this expansion. The Emerging Giant fills this gap,
shedding light on one of the most successful experiments in economic development in modern history.
Why did the early promise of the Indian economy not materialize and what led to its eventual turnaround? What policy initiatives have been undertaken in the last twenty years and how do they relate to the upward shift in the growth rate? What must be done to push the growth rate to double-digit
levels? To answer these crucial questions, Arvind Panagariya offers a brilliant analysis of India's economy over the last fifty years--from the promising start in the 1950s, to the near debacle of the 1970s (when India came to be regarded as a "basket case"), to the phenomenal about face of the last
two decades. The author illuminates the ways that government policies have promoted economic growth (or, in the case of Indira Gandhi's policies, economic stagnation), and offers insightful discussions of such key topics as poverty and inequality, tax reform, telecommunications (perhaps the single
most important success story), agriculture and transportation, and the government's role in health, education, and sanitation.
The dramatic change in the fortunes of 1.1 billion people has, not surprisingly, generated tremendous interest in the economy of India. Arvind Panagariya offers the first major account of how this has come about and what more India must do to sustain its rapid growth and alleviate poverty. It will
be must reading for everyone interested in modern India, foreign affairs, or the world economy.
An Economist Best Book of 2008.
shedding light on one of the most successful experiments in economic development in modern history.
Why did the early promise of the Indian economy not materialize and what led to its eventual turnaround? What policy initiatives have been undertaken in the last twenty years and how do they relate to the upward shift in the growth rate? What must be done to push the growth rate to double-digit
levels? To answer these crucial questions, Arvind Panagariya offers a brilliant analysis of India's economy over the last fifty years--from the promising start in the 1950s, to the near debacle of the 1970s (when India came to be regarded as a "basket case"), to the phenomenal about face of the last
two decades. The author illuminates the ways that government policies have promoted economic growth (or, in the case of Indira Gandhi's policies, economic stagnation), and offers insightful discussions of such key topics as poverty and inequality, tax reform, telecommunications (perhaps the single
most important success story), agriculture and transportation, and the government's role in health, education, and sanitation.
The dramatic change in the fortunes of 1.1 billion people has, not surprisingly, generated tremendous interest in the economy of India. Arvind Panagariya offers the first major account of how this has come about and what more India must do to sustain its rapid growth and alleviate poverty. It will
be must reading for everyone interested in modern India, foreign affairs, or the world economy.
An Economist Best Book of 2008.
544 pages, Hardcover
First published February 1, 2008
25 people are currently reading
613 people want to read
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Displaying 1 - 6 of 6 reviews
July 13, 2013
After having read Sen (Development as Freedom) and having been greatly influenced by his ideas, it was only fair to Bhagwati that I read one of his books next. But I decided to start with his collaborator's work before moving into his own. Having read Dasgupta's views on this recently helped in this decision.
Am planning to be reading the two new works by the contending clans next…
In this book Panagariya offers an analytic account and interpretation of the major economic developments in postindependence India along with a detailed discussion of where the policies currently stand and a road map of the future reforms necessary to accelerate and sustain growth.
The principal problem with such a specific and policy oriented book that is grounded on empirical data than on any purely ideological or theoretical grounds is that the stats need to be updated every two years or so to maintain relevance, not just of the recommendations but of the argumentative underpinnings as well.
I am tempted to write a detailed review on the policy recommendations and the outlines provided by Panagariya but I have to refrain till I catch hold of a decent book with a more recent treatment.
February 6, 2011
Finally able to make a push and finish this book. It is dense, detailed, and difficult, but comprehensive and highly educational. The tone is academic and there is a wealth of statistical and historical data shared. The writing is generally non-ideological -- the author presents a short, objective history of the issue under discussion (e.g. infrastructure, civil service, healthcare, etc) and clearly demarcates where this empirical history ends and where his policy prescriptions begin. The latter are argued through and supported with a short discussion of the relevant economic theory as well as further empirical evidence. Where the author comes to subjective conclusions due to lack of data or complexity of issues, it is also clearly marked out.
He is quite firmly on the side of privatization and free market reform -- although there is no 'big theory' espoused and this book is really best thought of as a comprehensive introduction and reference background text on the Indian economy. The most fascinating part -- other than random facts strewn about -- is how much discussion shows that the reform process is not a straightforward checklist: even when certain key regulations are passed, many other factors, such as strong unions or industry structure, prevent the private sector from fully coming in.
He is quite firmly on the side of privatization and free market reform -- although there is no 'big theory' espoused and this book is really best thought of as a comprehensive introduction and reference background text on the Indian economy. The most fascinating part -- other than random facts strewn about -- is how much discussion shows that the reform process is not a straightforward checklist: even when certain key regulations are passed, many other factors, such as strong unions or industry structure, prevent the private sector from fully coming in.
July 27, 2019
One of the most lucid detailing of economic reforms undertaken in India in its six decades post independence.
The central theme of book primarily is the focus of government should be to concentrate it's efforts & resources primarily in the areas where it is hard for private players to reach. Rest in other areas the government should work towards providing amenities, infrastructure and regulation so as the private players can work effectively.
What makes this book worth reading even in 2019 is it entails in a crisp manner the debated reforms of today (privatization of Public sector banks, reforms in education policy etc) and the reforms which were debated a decade back and are implemented now ( GST, Insolvency & Bankruptcy Code etc)
Reading it is highly recommended for anyone who gets baffled by the question 'Why is India where it is today?'
Irrespective of whether we agree or disagree with the analysis of Mr. Panagariya he provides an interesting parameter for evaluating any policy which definitely stays with us- 'The success of policies must be judged not by what was actually achieved in comparison to a prior period, but by the difference between what was possible and what was actually achieved'
The central theme of book primarily is the focus of government should be to concentrate it's efforts & resources primarily in the areas where it is hard for private players to reach. Rest in other areas the government should work towards providing amenities, infrastructure and regulation so as the private players can work effectively.
What makes this book worth reading even in 2019 is it entails in a crisp manner the debated reforms of today (privatization of Public sector banks, reforms in education policy etc) and the reforms which were debated a decade back and are implemented now ( GST, Insolvency & Bankruptcy Code etc)
Reading it is highly recommended for anyone who gets baffled by the question 'Why is India where it is today?'
Irrespective of whether we agree or disagree with the analysis of Mr. Panagariya he provides an interesting parameter for evaluating any policy which definitely stays with us- 'The success of policies must be judged not by what was actually achieved in comparison to a prior period, but by the difference between what was possible and what was actually achieved'
March 23, 2021
Provides a good overview of the economy over the years.
Largely accessible and detailed. Deals in considerable detail with the opposing view as well.
Largely accessible and detailed. Deals in considerable detail with the opposing view as well.
March 27, 2015
A great overview of the Indian economy since Independence and the issues facing reform. Goes through each part of the economy in detail and shows how things have improved since the closed India of the Indira Gandhi era and how they can still be improved.
The book is ultimately hopeful, as the issues are mostly self-inflicted and the focus on competing with China and other emerging markets spurs even reluctant politicians to action.
The book is ultimately hopeful, as the issues are mostly self-inflicted and the focus on competing with China and other emerging markets spurs even reluctant politicians to action.
January 22, 2012
Decent historical overview and literature review, but horribly written. Found myself quite bored though there were occasional stretches that piqued my interest.
Displaying 1 - 6 of 6 reviews